TSC Real Estate has purchased the assisted living complex Alte Schule in the town of Freital close to city of Dresden in the state of Saxony for the “5QRE HealthCare Infrastructure Deutschland 01” fund developed in partnership with Five Quarters Real Estate. The purchase price is just below €10 million. The seller is ZF Freital Immobilien und Verwaltungs GmbH. TSC Real Estate is exclusively instructed as investment manager for the fund and will also assume the long-term asset and property management activities.
© TSC Real Estate
The residential complex Alte Schule is located on an approx. 5,000 m² site, just 500 m from the boundary to the Saxony state capital city of Dresden. It comprises an area of around 2,500 m², which is let long-term. 94% of the space is occupied by the assisted living use. The remaining 6% is let to medical practices IPS Ihre Pflege Sachsen GmbH / Physiotherapie Prietz GmbH.
The property is a historic private school located in the district of Burgk, which was converted into a residential complex and extended with a total of 58 apartments in 2018 and is targeted at persons requiring care in the level 3 category. The former school building was extensively refurbished and the gym was replaced by a contemporary new-build housing apartments with threshold-free bathrooms and also common areas such as the sports and therapy rooms. The installation of a bed lift means that wheelchair users and persons with mobility issues can access all areas of the building without problem. The complex also comprises an extensive park-like garden. There is a bus stop in the immediate vicinity of the property offering swift connections to the centre of Freital which also ensures easy access for staff and visitors alike. Convenience retail amenities and other essential infrastructure is located within a few minutes of the property.
The legal advisor to the purchaser was Lambsdorff Partnerschaft von Rechtsanwälten mbB. The environmental consultant was Assmann Beraten + Planen GmbH, and the technical advisor was Lehmann Consult GmbH & Co. KG. The commercial due diligence was carried out by pflegemarkt.com.
The “5QRE Healthcare Infrastructure Deutschland 01” fund is a real estate special fund governed by Article 8 of the EU Sustainable Finance Disclosure Regulation. It invests in a broad spectrum of healthcare properties and is targeted at German institutional investors. TSC Real Estate has already purchased nine properties for the fund and plans further acquisitions over the second half of 2022.